The interest rate on a 30-year fixed-rate mortgage fell to an all-time low of 3.79% last week according to Freddie Mac. The previous record low was 3.83% set in last week, and the rate one year ago was 4.61%.
A 15-year fixed-rate loan averaged 3.04%, also an all-time low, besting the 3.05% rate from a week ago. A year ago the rate stood at 3.80%.
The interest rate on a Treasury-indexed hybrid 5-year adjustable-rate mortgage loan rose to 2.83%, down from 2.81% last week, but still down from 3.48% a year ago.
According to a Freddie Mac executive:
The European debt crisis overshadowed improving economic indicators for the U.S. and allowed Treasury bond yields and fixed mortgage rates to ease for another week.
Data earlier this week on mortgage applications showed a rise in refinancings, but an overall dip in the seasonally adjusted index of total mortgage applications.
Paul Ausick
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